STEFARO: what changed
STEFARO
Largest movements
- Receivables within one year -€50,653
down €50,653 (-34.1%), from €148,350 to €97,697
of which Other amounts receivable: -€28,711
- Cash -€3,909
no longer reported in 2025 (was €3,909)
mainly Other debts (-€66,903) and Net result for the year (-€12,823)
- Deferred charges and accrued income +€2,129
up €2,129 (+12.2%), from €17,424 to €19,553
- Other debts -€66,903
down €66,903 (-73.0%), from €91,669 to €24,766
- Trade debts +€23,696
up €23,696 (+607%), from €3,901 to €27,597
- Profit (loss) carried forward -€12,823
down €12,823 (-67.6%), from €18,963 to €6,140
- Debts after one year -€7,819
down €7,819 (-85.3%), from €9,171 to €1,351
- Short-term financial debts +€5,828
new in 2025: €5,828
- Gross operating margin -€37,510
down €37,510, from €34,573 to -€2,936
- Staff costs -€14,715
down €14,715 (-89.9%), from €16,375 to €1,660
- Financial charges -€2,968
down €2,968 (-43.6%), from €6,811 to €3,844
- Taxes -€2,901
down €2,901 (-74.7%), from €3,882 to €981
- Other operating charges +€528
up €528 (+20.3%), from €2,605 to €3,134
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,293 | €118,642 | -€51,651 | -30.3% |
| Fixed assets | 21/28 | €610 | €1,392 | +€782 | +128% |
| Tangible fixed assets | 22/27 | €92 | €875 | +€782 | +846% |
| Furniture and vehicles | 24 | €92 | €875 | +€782 | +846% |
| Financial fixed assets | 28 | €517 | €517 | = | 0.0% |
| Current assets | 29/58 | €169,683 | €117,250 | -€52,433 | -30.9% |
| Amounts receivable within one year | 40/41 | €148,350 | €97,697 | -€50,653 | -34.1% |
| Trade receivables | 40 | €49,423 | €27,480 | -€21,943 | -44.4% |
| Other amounts receivable | 41 | €98,927 | €70,216 | -€28,711 | -29.0% |
| Cash at bank and in hand | 54/58 | €3,909 | - | -€3,909 | |
| Deferred charges and accrued income | 490/1 | €17,424 | €19,553 | +€2,129 | +12.2% |
| Total equity and liabilities | 10/49 | €170,293 | €118,642 | -€51,651 | -30.3% |
| Equity | 10/15 | €44,255 | €31,433 | -€12,823 | -29.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,093 | €19,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,233 | €17,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,963 | €6,140 | -€12,823 | -67.6% |
| Amounts payable | 17/49 | €126,038 | €87,209 | -€38,829 | -30.8% |
| Amounts payable after more than one year | 17 | €9,171 | €1,351 | -€7,819 | -85.3% |
| Financial debts | 170/4 | €9,171 | €1,351 | -€7,819 | -85.3% |
| Amounts payable within one year | 42/48 | €116,867 | €85,458 | -€31,409 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €7,346 | €7,819 | +€474 | +6.5% |
| Financial debts | 43 | - | €5,828 | +€5,828 | |
| Credit institutions | 430/8 | - | €5,828 | +€5,828 | |
| Trade debts | 44 | €3,901 | €27,597 | +€23,696 | +607% |
| Suppliers | 440/4 | €3,901 | €27,597 | +€23,696 | +607% |
| Taxes, remuneration and social security | 45 | €13,952 | €19,448 | +€5,496 | +39.4% |
| Taxes | 450/3 | €11,674 | €19,448 | +€7,774 | +66.6% |
| Remuneration and social security | 454/9 | €2,278 | - | -€2,278 | |
| Other amounts payable | 47/48 | €91,669 | €24,766 | -€66,903 | -73.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €16,375 | €1,660 | -€14,715 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €267 | -€166 | -38.3% |
| Other operating charges | 640/8 | €2,605 | €3,134 | +€528 | +20.3% |
| Non-recurring operating charges | 66A | €2,068 | - | -€2,068 | |
| Gross operating margin | 9900 | €34,573 | -€2,936 | -€37,510 | |
| Operating profit (loss) | 9901 | €13,091 | -€7,998 | -€21,089 | |
| Financial charges | 65/66B | €6,811 | €3,844 | -€2,968 | -43.6% |
| Recurring financial charges | 65 | €6,811 | €3,844 | -€2,968 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €6,280 | -€11,842 | -€18,122 | |
| Income taxes | 67/77 | €3,882 | €981 | -€2,901 | -74.7% |
| Profit (loss) for the period | 9904 | €2,398 | -€12,823 | -€15,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,398 | -€12,823 | -€15,221 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.